By Liz Moyer
Investing.com -- U.S. stocks erased early gains and turned lower on Tuesday as investors looked toward more economic data and the Fed’s move later this month.
At 10:20 ET (14:20 GMT), the Dow Jones Industrial Average was down 243 points or 0.8%, while the S&P 500 was down 0.8% and the NASDAQ Composite fell 1.2%.
Stocks were moving lower after U.S. workers returned from a long Labor Day weekend, with many returning to offices for the first time since the pandemic began. Later this month, Federal Reserve policy makers meet to decide the next step on interest rates, with many onlookers expecting a 0.75 percentage point hike as the Fed made in June and July.
Consumer price data will come out before then, however, and the Fed releases the periodic Beige Book reporting on business and economic conditions from its regional banks later this week.
Bed Bath & Beyond Inc (NASDAQ:BBBY) shares fell 16% after the death of chief financial officer Gustavo Arnal over the weekend.
CVS Health Corp (NYSE:CVS) shares fell 0.3% after it announced an $8 billion deal to acquire Signify Health Inc (NYSE:SGFY). Shares of Signify rose 0.4%.
Oil was mixed after OPEC and its allies decided to cut October production by 100,000 barrels a day, bringing it back to August levels. Crude Oil WTI Futures was up 0.9% to $87.71 a barrel, while Brent Oil Futures crude fell 1.9%, to $93.95 a barrel. Gold Futures fell 0.3%, to $1717 an ounce.